According to kpi.org, the key performance indicators are the critical (key) indicators of progress toward an intended result. KPIs provide a focus for strategic and operational improvement, create an analytical basis for decision making and help focus attention on what matters most.
Features of a Quality KPI Are
- A good KPI provides objective evidence of the achievement of the desired objective.
- Measure the required progress to aid in effective decision-making.
- Only measuring the progress is not enough, even the degree of progress should be measurable. A good KPI makes that possible.
- A quality KPI offers a good balance between the leading performing and lagging indicators.
- A high-quality KPI measures the efficiency, effectiveness, quality, timeliness, governance, compliance, behaviors, economics, project performance, personnel performance, and even resource utilization.
How Can Effective KPIs Be Created
Learning the gaps
The first step to creating Effective KPIs is to learn the difference between the results right now and the ones that we want to achieve concerning training. Then, these training gaps can be filled with the help of appropriate content.
Analyzing current performance
The next step is to analyze the current situation of the performance. What is the current performance? What are the factors affecting it? What can be done to push those factors in our favor? The content can be refined in these terms for effective training.
Definition and quantification of the KPIs
In the third step, you need to properly define what your KPIs are and then quantify them into measurable terms or metrics. This can be done using the data from the preceding steps. This means quantifiable goals that can be easier to strive towards and then achieve.
Content confirmation to KPIs
Now that we have quantifiable goals and metrics. It is easier to formulate the content targeted around achieving set goals. The said content in the form of exercises, quizzes, games, videos, audios, and written content should specifically address the set KPIs.
Measurement and report of the results of KPIs
The measurement of the performance during and post-training should be possible. This should include measuring the specific functions or processes that were taught during training. Then, it should be assessed whether the set KPIs were met or not.
This requires the Instructional designers to be practical and realistic as to the result the training content can achieve and at the same time, the promised results of the KPIs are quantifiable.
How Can You Learn the Impact of Your E-Learning Program?
The exact impact of the E-learning program can be gauged with the help of the following quantifiable metrics.
The completion rates indicate the engagement and participation as well as motivation of the trainees.
Satisfaction of learners
The surveys and feedback at the end of the training module can give quantifiable feedback from the trainees. This can in turn result in an effective training program.
Time spent on the course
The time spent by the trainees on the course module indicates the progress of the team and calls attention to the courses that took much longer than anticipated and looked into the reason and also to the courses that took much shorter time than planned and need to be upgraded.
Assessment of the course
The assessment results of the trainees not only tell you about their performance but also about that of the course. Accordingly, required changes can be made for the betterment of the said course.
Return On Investment
The comparison between the cost of the program and the benefits generated is vital to gauge the result of the program.
The metrics to be measured can be, cost of running an LMS, time saved online vs in-person training, L&D expenses before and after online training, performance, sales figures, and customer retention during training should be quantified and measured and compared to reach your result.
The highly acclaimed e-learning softwares such as Skilljar employ such Key performance indicators and metrics to drive the result home.